Ethereum (ETH) is poised for a substantial upswing, according to crypto analyst Ali. The digital asset, currently trading at $2,344.65, is exhibiting signs of a bullish trend, with Ali foreseeing a clear path ahead and minimal supply barriers hindering its ascent. A potential surge to $2,700 or beyond seems plausible, buoyed by a robust demand wall at $2,000, acting as a formidable support against potential corrections.
Ali also delved into the Ethereum MVRV Pricing Bands, pointing out key price targets for ETH. According to this analysis, the next pivotal levels for ETH stand at $3,830 and $5,100. These projections indicate a promising trajectory for the cryptocurrency, adding fuel to the optimism surrounding its future performance.
The current 24-hour trading volume for Ethereum stands at an impressive $6 billion, reflecting a substantial uptick of 21.03%. Over the last 24 hours, ETH has seen a commendable 2.46% increase, further underlining its potential for significant gains.
2024: Lark Davis Predicts Ethereum Millionaires
Despite Ethereum trailing behind some of its counterparts earlier in the year, renowned crypto YouTuber Lark Davis is optimistic about its prospects in 2024. Davis predicts that Ethereum has the potential to create new millionaires in the coming year, especially for those who have accumulated and staked the digital asset at lower prices. However, he emphasizes that individuals entering the market at its current price point, exceeding $2,000, may find it challenging to achieve substantial gains unless they possess a significant investment.
Davis points to Ethereum layer-2 assets as a lucrative avenue for substantial returns in the next bull market. Citing upcoming listings such as zkSync, Starknet, Linea, Scroll, Blast, Manta, and Celestia, he suggests that trading these assets could offer lucrative short-term gains. While acknowledging the pump-and-dump patterns associated with newly launched tokens, Davis notes that some tokens have demonstrated upward trends after listing on major exchanges.
For Ethereum hodlers, Davis envisions a positive outlook in 2024. Comparing historical gains from previous cycles, he predicts that Ethereum’s breakout from the $2,150 resistance zone will lead to significant developments. Davis foresees the potential for a remarkable 200% gain from the previous high, reaching around $15,000 per coin. He deems this a “relatively low-risk bet for crypto,” offering those entering the market now the prospect of a 500-600% gain.
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